Insurance cost in the Black Sea jumps by 25% after drone attack on tankers

The cost of marine insurance in the Black Sea has jumped after Ukrainian drones attacked Russian tankers of the "shadow fleet," the agency reported Reuters with reference to market sources.

War risk insurance for a typical seven-day voyage increased from 0.4% to 0.5% of the vessel's cost for Ukrainian ports and from 0.6% to 0.65-0.8% for Russian ports.

"For Russian ports, insurers take into account a wider range of possible targets and a higher probability of recurrence. As Ukraine's actions intensify, the likelihood of mirror steps from Russia increases. This is creating a more even risk profile for both destinations than we have seen in recent times," Munro Anderson, head of operations at Vessel Protect, a marine risk insurance company, told the agency.

• on November 28, Ukrainian drones attacked tankers Kairos and Viratwhich were heading to the Russian port of Novorossiysk. Both vessels were under Western sanctions and were sailing empty.
• on November 17, the Russians missiles hit a ship carrying liquefied petroleum gas, which was located in the Ukrainian port of Izmail.